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Perrigo shares drop after its offices searched by Federal investigators in price collusion probe

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Healthcare group Perrigo Co. (NYSE:PRGO) saw its shares shed over 6% today after it said its offices were searched yesterday by Federal investigators conducting a probe into price collusion in the generic-drug industry.

Although the NYSE-listed company confirmed that investigators from the US Justice Department’s Antitrust Division had executed search warrants, it did not say when the offices were searched, which ones, or what, if anything, was seized.

In a statement, Ireland-headquartered Perrigo said: “The company is taking this investigation seriously and is cooperating with the appropriate authorities.”

In early New York trading, Perrigo shares were down 6.2% at US$71.53.

The US government has been looking at the price of skin drugs made by Perrigo and a handful of others, according to a February 28 document filed in court.

About a dozen companies have recently disclosed they have received subpoenas related to drug pricing and are co-operating with the authorities, including Mylan NV, Endo International PLC, Lannett Co. and Teva Pharmaceutical Industries Ltd.

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/177248/perrigo-shares-drop-after-its-offices-searched-by-federal-investigators-in-price-collusion-probe-177248.html


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